FINANCIAL DISTRICT

During times of abundance Reykjavik developed its own Wall Street. A previously a scarcely built industrial area by the northen coast was transformed into a gigantic parking lot with one object of a building after another. These were the finance institutions called banks. These institutions were central in the development of housing in the years before the financial crisis hit. They offered products (loanes) to finance new buildings and they established companies that bought new buildingsites for developing them. As one of our interview objects from the building indistry told us: “they said it was more money in building than in banking”.